Politics

SINEMA CAVES: Democrats Have the Votes to Pass Inflation Reduction Act

posted by Hannity Staff - 8.04.22

According to a report from CNN, Arizona Senator Kyrsten Sinema, previously a hold-out on the Democrats’ Inflation Reduction Act, has agreed to support it. Dems now have the 50 votes they need to pass the bill.

From CNN:

In a statement, Sinema indicated that she won several changes to the tax provisions of the package, including removing the tax on carried interest, which would have impacted hedge fund managers and private equity. That proposal would have raised $14 billion.

“We have agreed to remove the carried interest tax provision, protect advanced manufacturing, and boost our clean energy economy in the Senate’s budget reconciliation legislation,” Sinema said. “Subject to the Parliamentarian’s review, I’ll move forward.”

Sinema’s support is critical given that all 50 Republicans will oppose a plan they argue would hurt the economy and cost far more than Democrats are contending — so any one Democratic defection could sink it.

“I am pleased to report that we have reached an agreement on the Inflation Reduction Actthat I believe will receive the support of the entire Senate Democratic conference,” Majority Leader Chuck Schumer (D-NY) said. “The final version of the Reconciliation bill, to be introduced on Saturday, will reflect this work and put us one step closer to enacting this historic legislation into law.”

This story is developing…

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